ZKM, co-founded by Metis’ Kevin Liu, has announced the launch of GOAT Network, a new Bitcoin Layer 2 solution set to debut in Q3. This innovative network has already secured commitments of 5,000 BTC from institutional node operators, indicating strong market confidence.
A New Era of Decentralization
GOAT Network is set to revolutionize the Bitcoin Layer 2 landscape with its decentralized sequencer model. Unlike other solutions that remain centrally controlled, GOAT Network ensures network ownership is shared. Kevin Liu, a core contributor and co-founder, emphasized, “GOAT Network’s launch of a Bitcoin L2 is a powerful first step in ZKM’s quest to unite the fragmented Web3 universe. We believe strongly in decentralization and are excited to enable a shared-ownership model from day one.”
Redefining Network Security and Revenue
GOAT Network’s decentralized sequencer model allows node operators to secure the network while earning yields on their Bitcoin through activities like block production and transaction ordering. The team highlights their inclusive approach, enabling small BTC holders to participate and earn sustainable yields.
Enhanced Security with ZKM’s Proving Service
GOAT Network uses ZKM’s zero-knowledge proving service to enhance network decentralization and security. Traditional Layer 2 rollups can have single points of failure and censorship risks. By decentralizing these elements, GOAT Network aims to provide a more robust and censorship-resistant solution.
Smart Contract Functionality and Ethereum Compatibility
GOAT Network stands out by offering compatibility with the Ethereum Virtual Machine (EVM), enabling smart contract functionality. This feature distinguishes it from existing solutions like the Lightning Network, providing users with more versatile tools for decentralized finance (DeFi) applications.
Commitment and Yield Generation
With 5,000 BTC ($287.5 million) committed from institutional node operators, GOAT Network is launching with significant backing. The network plans to expand to dozens of node operators, ensuring ample liquidity for its DeFi ecosystem. Participants will earn yields from gas fees in BTC, mining rewards in GOAT tokens, and returns from yBTC, a receipt token issued to users locking their BTC on the network.
Universal Layer 2 Solution
GOAT Network’s ambition extends beyond Bitcoin. Powered by ZKM’s Entangled Rollup technology, it aims to become a “Universal Layer 2,” integrating with ecosystems like Ethereum, TON, and Cosmos. This technology enables seamless interoperability across blockchains, solving fragmented liquidity issues and eliminating the vulnerabilities of traditional third-party bridges.
Tokenomics and Fundraising Plans
GOAT Network has outlined its tokenomics, allocating 42% of its token supply for sequencer and community mining, 6% for airdrops, and 1% for influencers. Ahead of its mainnet launch, the network introduced a “GOAT Club” rewards program, incentivizing early adopters and node operators.
Looking ahead, GOAT Network plans to open a Series A fundraising round, targeting $5 million at a $100 million valuation. This follows a successful pre-Series A round in November 2023, which raised $5 million at a $50 million valuation, led by OKX Ventures with participation from Amber, Crypto.com, and Polygon Ventures.
Conclusion
GOAT Network, backed by ZKM’s cutting-edge technology and Metis’ strategic support, is set to revolutionize the Bitcoin Layer 2 space. By championing decentralization and interoperability, it promises to create a more unified and efficient blockchain ecosystem, paving the way for the future of Web3.
